Published on : Jan 25, 2023
As technology advances, so does the enterprise IoT industry. In America specifically, it is predicted to experience an impressive 15+% growth in the coming decade. Numerous businesses and organizations are taking advantage of this powerful tool by investing heavily in its development; understanding that adopting IoT can drastically increase operational efficiency and give them a considerable edge over their rivals.
The enterprise IoT market is anticipated to rise at a CAGR of 13% from 2023 to 2033, surpassing US$ 2021.19 billion by 2033. The market is anticipated to be worth US$ 595.42 billion in 2023.
The enterprise IoT market is driven by several factors such as the increasing adoption of IoT in various industries to improve operational efficiency and reduce costs. The increasing adoption of cloud-based IoT platforms is also expected to drive market growth.
In addition, the growing trend of Industry 4.0 and the increasing need for automation in various industries are also propelling the growth of the market. The increasing adoption of enterprise IoT in smart cities and smart homes, as well as IoT-enabled automation in various industries such as manufacturing and transportation, is also expected to drive market growth.
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Another key driver of the enterprise IoT market is the increasing focus on digital transformation across various industries. With the rise of big data and analytics, organizations are looking to leverage IoT technology to gain valuable insights and make data-driven decisions. This is leading to increasing demand for enterprise IoT solutions in various industries such as healthcare, transportation, and manufacturing. Additionally, the growing trend of Industry 4.0 and the increasing need for automation in various industries are also propelling the growth of the market.
The increasing adoption of enterprise IoT in emerging technologies such as AI, ML, and big data is also expected to drive market growth during the forecast period. These technologies enable organizations to analyze large amounts of data generated by IoT devices and make data-driven decisions.
The growing demand for enterprise IoT in various industries such as agriculture and energy management is also expected to drive market growth. Government initiatives and regulations to promote the use of energy-efficient equipment are also anticipated to boost the adoption of IoT during the forecast period. These factors are making enterprise IoT an attractive investment opportunity for companies looking to tap into the growing market.
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Key Takeaways from the Enterprise IoT Market:
Who is Winning?
The enterprise IoT market is highly competitive, with a few major players holding a significant market share. Leading companies in the market are increasingly implementing growth strategies such as collaborations, partnerships, and product development & launches to maintain their market position. The market has a high entry barrier, making it difficult for small and medium players to enter. Technological advancements play a major role in driving the market, creating a differentiating factor between new entrants and established players.
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Key Segments Profiled in the Enterprise IoT Market
By Enterprise Type:
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
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